Boise

[matt]

Leading indicator?

Boise, you ok? from REBubble

[sdrealtor]

The same thing is happening in SLC, Provo, Nashville, Phoenix, Austin, Vegas (markets for which there is data) and no doubt many other of flee from blue states to nice clean conservative affordable living. They dont have the white collar professional job base that many left behind. On paper it sounded great to WFH home but now they are looking around at their neighbors who arent like them or they live next to rentals on both sides. Those markets were all heavily investor markets unlike here which pushed their prices up much more than they would have with a higher concentration of homeowners. People are waking up and realizing these places dont have what they left behind. At least for now the Coastal markets around the country as faring better.

[scaredyclassic]

Idaho is one of the last states I’d consider living in. Down there with Mississippi, Oklahoma.

[gzz]

My comment on St George also applies to most of these cities.

There’s no shortage of developable land so existing RE is always competing with newer and better developments, and RE prices will trend toward new home construction cost.

They can still be OK investments, especially with cheap financing or tax benefits, but they are too risky IMO for outside investors when their prices run up to levels higher than new construction. They’ll head back down as soon as developers catch up with the surprise demand that drove prices up.

Boise typical SFH looks like they are at 2.5x 2015 prices. I doubt construction prices rose that much. I’d be worried about nominal price declines of 20% there.

[XBoxBoy]

There is a post in the reddit thread that claims the data is erroneous:

[quote]Hi, I work with the econ team at Redfin. While I believe there is a correction beginning in Boise, this particular data is erroneous. We’ve got an issue with the weekly new listings data there that is causing it to look like they’re shooting up in recent weeks, but that’s not accurate.[/quote]

[Coronita]

.

[Coronita]

Lol, I laughed at this redit comment:

Comment
by u/Sleepy-Dog679 from discussion Boise, you ok?
in REBubble

[quote]Boise is just a place liberals go to cosplay being conservative for a few years. They get excited to dust off their Santa Cruz mountain bikes and ride a few trails. They buy big trucks and bigger homes, something they couldn’t do in their”liberal” cities. They escaped and they feel smarter than all their friends still trapped under the coastal marine layer. Then one day they realize something just doesn’t quite fit. Maybe it’s the time their favorite indie band skipped Boise, but played in Seattle. Or maybe the fish tacos aren’t as crispy. Or maybe they got skipped for promotion because they WFH in a completely different state and are now worried about being laid off. The desire to move back becomes stronger…[/quote]

Substitute St George for Boise, and the person as…oh never mind….

[gzz]

This new home in suburban Boise looks a whole lot nicer than the typical place in Boise on Zillow at the same 600k price.

https://www.tollbrothers.com/luxury-homes-for-sale/Idaho/The-Oaks-North/Garden/Quick-Move-In/MLS-98848035

They even offer a special 5% mortgage promo as an incentive.

[sdrealtor]

[quote=XBoxBoy]There is a post in the reddit thread that claims the data is erroneous:

[quote]Hi, I work with the econ team at Redfin. While I believe there is a correction beginning in Boise, this particular data is erroneous. We’ve got an issue with the weekly new listings data there that is causing it to look like they’re shooting up in recent weeks, but that’s not accurate.[/quote][/quote]

Just stop with the cosplay

[The-Shoveler]

Too hard to get to the beach in most of these places.
I could move to Florida maybe, but phoenix etc.. is definitely out for me.

[scaredyclassic]

[quote=sdrealtor][quote=XBoxBoy]There is a post in the reddit thread that claims the data is erroneous:

[quote]Hi, I work with the econ team at Redfin. While I believe there is a correction beginning in Boise, this particular data is erroneous. We’ve got an issue with the weekly new listings data there that is causing it to look like they’re shooting up in recent weeks, but that’s not accurate.[/quote][/quote]

Just stop with the cosplay[/quote]

I think cosplay is all anyone anywhere does nowadays. Life is one big Snapchat filter

[scaredyclassic]

[quote=The-Shoveler]Too hard to get to the beach in most of these places.
I could move to Florida maybe, but phoenix etc.. is definitely out for me.[/quote]

Beach is a state of mind.

[flyer]

Actually, there is a lot of scientific evidence that living near or visiting the water often has immense physical and mental health benefits. I know we’d never want to be far from the ocean–it’s part of our daily life.

As far as other markets declining for a variety of reasons. Imo, if the locations meet the needs of those who moved there for long-term reasons–then they probably don’t care–since they are living the lives they want to live.

If others moved for other reasons, or are investors, they may get burned, but only time will tell how it all plays out.

Not everyone can or want to live in CA, and I give people credit who honestly evaluate their life goals, and make changes accordingly. Better to be honest with yourself than trying to survive in a place you and your kids know you can’t afford long-term, with little hope of an early or stable retirement.

[scaredyclassic]

Skin cancer, raw sewage, lots of assholes, crowds, no parking. Ca beaches are not peaceful. Maybe somewhere, but not so cal.

[Coronita]

[quote=scaredyclassic]Skin cancer, raw sewage, lots of assholes, crowds, no parking. Ca beaches are not peaceful. Maybe somewhere, but not so cal.[/quote]

flyer has access to his own private beach. He can’t relate.

Military beach isn’t that crowded too.

I wouldn’t mind living on a farm. Have my own chickens.

I don’t go to the beach that often.

[Author]

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